What Is Your Real-Estate Specialty?

{3:12 minutes to read} When people need auto repair, they go to an auto mechanic who can probably fix whatever is wrong with their car. A successful vehicle repair person will specialize in foreign, luxury, sports, and/or racing vehicles. You will get the best service from the mechanic who specializes in the problem you have or the type of vehicle that you own.

When someone is not well, they go to their doctor. In medical school, doctors usually become an expert in a particular field of study, so going to your cardiologist and saying, “I’ve got pink eye,” is probably not going to get your condition treated.

The real estate or property business is no different. Most think real estate is real estate, but as with auto mechanics and doctors, real estate professionals will increase their chances of success if they concentrate on a specialty. That doesn’t mean that you can’t be successful if you specialize in a general practice, but you increase your chances of success by concentrating on your specialty. It’s your choice.

Some people find success dealing in only mixed-use properties, which are properties with a commercial spot on the bottom, and residential units on top.

Within either of these specialties, some agents or investors may further refine their focus to the rental side or the sales side. Some may specialize in both.

First, you should decide whether you’re going to be only an investor or only an agent/broker. You may want to be both if that works for you. Again, it is your choice.

I chose to be a broker and an investor. In a previous article, I discussed my specialty in depth. I focus on selling and investing in properties in a 1 1/2 – 2-mile section of the greater Crown Heights area. I don’t specialize in particular types of properties; I’m more a general practitioner, but I stick to this geographic area.

At this moment, I’m not into the rental business. That doesn’t mean that I never did a rental in the past, but I don’t focus on that because it does not work for me now. However, I don’t rule out having a rental apartment department in the future.

If you are going into the real estate business, decide what part of the business you want to concentrate on and what parts to say “no” to. Specializing will increase your chances of success whether you are an investor or agent/broker, or both.